“Good-faith actors have been speculating on the value of gold and silver for thousands of years. “If you want to invest in a digital, scarce, speculative store of value, that’s fine,” he said during a speech at the Aspen Security Summit in August.

SEC Chairman Gary Gensler, who previously researched and lectured on digital currencies at the MIT Sloan School of Management, has led the regulation charge. But the Progressive Caucus has also tied the fate of the bill to other measures it hopes to pass via budget reconciliation, and it remains to be seen whether it will land on President Biden’s desk. The House has set a September 27 deadline to vote on the legislation.

The Senate-passed infrastructure bill includes greater reporting requirements for digital wallet providers and miners. Bipartisan political will in Washington to regulate digital coins as a result appears to have snowballed over the summer. Investors now treat stocks in companies with crypto-heavy balance sheets like MasterStrategy, Tesla and Galaxy Digital as de facto coins. Some companies have enjoyed greater gains from crypto trading than they have from sales of products or services. And businesses have found significant leverage in this new landscape. Market penetration has never been deeper or wider. There are many layers to “crypto” here are my thoughts and all are subject to change as I learn moreĢ021 has heralded record values for digital coins. But increasingly, the same government that (in part) inspired their creation through its regulatory failures is looking to bring these wild horses to heel.Īny discussion of crypto regulation has to start with the facts that there are already laws against fraud and that “crypto” is not monolithic. Three crypto experts weigh in with their take below.Ĭryptocurrencies (as we know them today) were initially conceived as a means by which individuals or business entities could free themselves from hectic or disadvantageous federal monetary policies. But details, scope and timing are up in the air. Increased regulation of cryptocurrencies by the Securities and Exchange Commission (SEC) appears imminent.

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